Case (2) Morgan would like you to prepare a cash payments budget for July, August and September. Expected Sales (GST excluded): July $20,000 August $24,000 September $26,000 October $22,400 All inventories are sold at a mark-up of 60% on cost. Purchases each month are equal to expected usage for the following month: 50% of purchases are paid in the month of purchase and earn a discount of 4%. The reminders are paid the next month. At the end of June accounts payable are owed $6,250. Morgan is GST registered and accounts for GST on a cash basis. Normal Expenses are: Telephone, Electricity Rent General expenses Wages $530 owing payable in July $1,200 per month $900 per month $3,200 per month plus 5% of sales The general expenses (which are subject to the GST) include depreciation of $150 per month. In September a computer will be purchased for $2,500 (excluding GST). Required Prepare a cash payments budget for July, August and September